TaxTMI 
TaxTMI 
2022 (5) TMI 492
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.... IA No. 294/2021 That the present Application is being filed by Mr. Ajay Kumar Jain, Resolution Professional (RP) of Maruti Kesri Nandan Agrofoods Pvt. Ltd (Corporate Debtor) under section 33(2) of Insolvency and Bankruptcy Code, 2016 ('IBC'), in pursuance to the decision of the Committee of Creditor (CoC) for liquidation of the corporate debtor. 2. It is submitted that the CIRP of the corporate debtor commenced from 06.02.2020 in pursuance to the order of even date passed by this Tribunal. 3. It is further submitted that in pursuance to the resolution passed by the CoC in its fifth meeting, the Resolution Professional had filed an application vide I.A. No. 918/2020 u/s 12(2) of the IBC before this Tribunal on 11.12.2020 for extension of CIRP period by 90 days. The said application was heard on 01.02.2021 by the this Bench of NCLT. After hearing on the said application, this Bench allowed the application and granted the extension of time by 90 days from the expiry of 11.12.2020. Accordingly, the extended period of CIRP came to an end on 11.03.2021. 4. The Resolution Professional convened the 7th CoC meeting on 10.03.2021 for which notice and agenda were circulated to....
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....onal Office. In the defered meeting of the CoC. which was held at 6.00 pm on the same day i.e. 10.03.2021, the sole member CoC namely, Punjab National Bank with 100 % voting right was represented by Mr. Vijay Kumar Singhal, Chief Manager, Circle Sastra Head, Punjab National Bank, Alwar. Mr. Vijay Kumar Singhal, Chief Manager apprised the Chairman/RP that his Zonal Office has decided to liquidate the corporate debtor. CoC member Mr. Singhal (PNB) also apprised the Resolution Profesional that his Zonal Office has not yet decided about the name and fees of the Liquidator. 10. After discussion, the sole member of the CoC namely, Punjab National Bank with 100% voting right passed the following resolution in agenda item No. 8 for liquidation of the Corporate Debtor: "RESOLVED THAT the corporate debtor namely, Maruti Kesri Nandan Agrofoods Private Limited be liquidated under the provisions of Insolvency and Bankruptcy Code, 2016. FURTHER RESOLVED THAT Mr. Ajay Kumar Jain, Resolution Professional be and is hereby authorized to take necessary steps and intimate the decision of the Committee of Creditors under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 to ....
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....e Liquidator) the Liquidator shall be entitled to the same monthly fees as paid to the Resolution Professional during the CIRP (i.e. Rs. 50,000/-) from the date of Liquidation Commencement date to the date of Dissolution of the Corporate Debtor. GST and out of pocket expenses shall be addition to the above. 15. It may be noted that in the present application vide para No. 22 Mr. A.K. Jain has expressed his unwillingness to act as liquidator. Moreover, no name has been proposed by CoC. Therefore, it is expedient to appoint a new liquidator to carry on the process of liquidation. 16. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor i.e. M/s Maruti Kesri Nandan Agrofoods Private Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. 17. Accordingly, by exercising our power under Section 33(2) pass the following order:- i. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; ii. Since the Resolution Professional has shown his unwillingness to act as Liquidator of CD. Neither CoC has propos....
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....rade receivables and other credits such as loans and advances from the parties which are reflected in the latest Balance Sheet of the Corporate Debtor, if any. This direction is hereby given in concurrence of the jurisdiction prescribed under Section 33(5) of the Code. xiii. On initiation of the liquidation process but subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the Liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in Section 33(5) of the Code read with its proviso. xiv. That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator; xv. That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to voluntary liquidation process as....
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....ide diary No.01523/2 dated 11.03.22 in all dates of hearing Resolution Professional used to appear with the counsel and have been spending whole days. During this one-year Resolution Professional has been responsible for compliance of the CIRP work and doing the necessary compliance work of CIRP and using the office and infrastructure for the CD work as Resolution Professional has no other assignment of CIRP. Accordingly, Resolution Professional also prays under the residual prayer No. d at page 12 of IA No. 35/2022 to allow the Resolution Professional's fee @ Rs. 35,000 per month for the period from 11.03.2021 (post liquidation resolution) till the disposal of IA No. 294/2021. Keeping in view the time, energy, resources as devoted by the RP during this one year (post liquidation resolution) and the responsibilities of the Resolution Professional carried during the said period, the said fee is very reasonable, even the counsel's fee has also not been paid by the CoC for the pendency period and Resolution Professional incurring from his pocket. 6. The respondent in its reply vide Diary No. 01523/01 Dated 31.01.2022 submitted that on the first CoC meeting dated 06.03.2020, the app....